Wells Fargo Financial Bank Acquires $400 Million Conseco Finance Bank Card Portfolio
SIOUX FALLS — July 5, 2000
Wells Fargo Financial Bank, the consumer credit card subsidiary of Wells Fargo Financial, Inc., has purchased substantially all of the bank VISA® and MasterCard® portfolio of Conseco Finance Corp. of St. Paul, Minn., a subsidiary of Conseco, Inc., headquartered in Carmel, Ind.
The sale, completed today, represents a portfolio of approximately $400 million in VISA® and MasterCard® accounts receivables held by Conseco customers. The purchase more than doubles the portfolio of Wells Fargo Financial Bank, currently $370 million.
Wells Fargo Financial Bank, headquartered in Sioux Falls, was known as Dial Bank until July 1 when it changed its name to reflect its parent company's identity as a part of Wells Fargo & Company.
The portfolio purchase is consistent with Wells Fargo Financial Bank's strategy to grow its customer base while providing superior service to its customers, according to John B. Keilholz, president of the bank. The company provides VISA® and MasterCard® credit cards to customers of Wells Fargo Financial consumer finance stores in 47 states and Canada.
The company expects to add approximately 100 jobs in the Sioux Falls area as a result of the portfolio acquisition. "We have a highly qualified and experienced team throughout our organization." Said Keilholz. "We are excited by the opportunity to integrate this portfolio into our existing business."
Wells Fargo Financial, headquartered in Des Moines, Iowa, is an $11.7 billion company providing installment and home equity lending, automobile financing, consumer and private label credit cards, leasing, technology services and receivables financing to consumers and businesses in 47 U.S. states, all 10 provinces of Canada and in Latin America. The company had been known as Norwest Financial, Inc., since 1982.
Wells Fargo & Company is a $222 billion financial services company providing banking, insurance, investments, mortgage, and consumer finance from more than 5,300 stores, the industry's leading Internet site wellsfargo.com and other distribution channels across North America and elsewhere internationally.